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Issue Date:08 August 2014     Price in Rs. R 6000    Price in USD. $ 100
    
  • Aggregate EBITDA loss of Rs 140 crore over FY08-14. No clarity on when would the company turn EBITDA positive. Unsettled business model.
  • On the positive side, the company had zero net debt as on 31 March’14 (short term debt of Rs 109 crore, current investment of Rs 123 crore). However, it has announced 4 investments since, the era of zero net debt could be over by now. 
  • Sold Capital Food stake for Rs 180 crore in Dec’13. While the sale gave positive returns, reason for sale not clear. 
  • The drop in FY14 revenue is a result of the FY13 demerger. While FCEL added new businesses (KB’s, Express retail) in FY13, it wasn’t enough to recoup the topline. The demerger also took away the profitable businesses, leaving FCEL will all loss making businesses. 
  • Current business portfolio is around Rs 340 crore of sales from standalone company, and Rs 480 crore from subsidiaries.
  • Since Apr’13, the company has made 4 major new investment decisions: 100% of Future Agrovet, 35% in Sarjena Foods, 74% in a mega food park project and 50% in a JV in Sri Lanka. 
 
  • KEY POINTS
  • BUSINESS AT IPO
  • DEMERGER SCHEME IN NOV’12
  • BUSINESS PORTFOLIO POST DEMERGER
  • INVESTMENT ACTIVITY SINCE MAR’13
  • SALE OF CAPITAL FOODS 
  • FCEL VALUATION
  • INFO ON LATEST INVESTMENTS
  • FCEL’S POSITION WITHIN THE FUTURE GROUP
  • FINANCIAL DETAILS
  • Basic Stock Info
  • Shareholding Pattern
  • % Promoter Holding Pledged
  • Brief Financials
  • List of subsidiaries and investments at IPO
  • Subsidiaries post de-merger
  • Investments since Mar'13
  • FCEL Valuation
  • P&L
  • Balance Shee
  1. Future Consumer Enterprise Limited
  2. Future Retail Limited
  3. Future Lifestyle Fashion Limited
  4. Aadhaar Wholesale Trading and Distribution Limited
  5. Express Retail Service Pvt Ltd (Big Apple)
  6. ACK Media Pvt Ltd
  7. Integrated Food Park Pvt Ltd 
  8. Sarjena Foods Pvt Ltd
  9. Future Agrovet Ltd
  10. Capital Foods